Christian Siva-Jothy and Geoff Grant, co-heads of the US firm's global FX proprietary business, are both retiring at the end of the year, the bank confirmed. The pair, who report to Michael Sherwood, head of European equity and fixed income, and Peter Gerhard, managing director and member of the divisional operating committee for FX, joined the business in 1991 and 1989 respectively.

A spokesperson at Goldman Sachs said the two, both in their 40s, are retiring and have no immediate plans to undertake further employment. However, RiskNews' sister publication FX Week understands that Siva-Jothy, who is moving to Italy from London, is in the planning stages of establishing a hedge fund. The pair will be replaced by Driss Ben Brahim, who was previously a London-based trader in the interest rates product group.

The Goldman Sachs spokesperson said the departures were unconnected to any losses there may have been on the prop trading desk, and pointed to the strong overall thrid quarter returns for the fixed income, currency and commodity division of the business in which the prop desk operates.

A source formerly employed by the bank pointed out that the incentive for partners such as Siva-Jothy and Grant to remain had diminished since the third and final IPO payment was made in June.

A quant at Citi has revived debate about the changing nature of the profession (www.risk.net/2417747). The scope is narrower, he claims; the job has been dumbed down, and today's quants are little more than programmers. Is he right?